ADM offers to buy Austrailian grain company

6 months, 4 weeks ago

Decatur-based company puts up $2.77 billion bid

Archer Daniels Midland Co. has offered to buy Australian grain handler GrainCorp for about $2.77 billion.

GrainCorp says it is considering the non-binding offer, which values it at 11.75 Australian dollars per share. That comes to 2.68 billion Australian dollars. ADM already owns 14.9 percent of GrainCorp.

Shares of GrainCorp rose 39 percent in Australia today. The closing price suggests that traders expect a higher bid.